Contributory pensions, paid maternity and paid paternity leave are considered to be the most important aspects of an organisation’s benefits package, according to a survey of HR professionals. Childcare vouchers were also regarded as a big bonus, attracting and retaining key staff.
Contributory pensions, paid maternity and paid paternity leave are considered to be the most important aspects of an organisation’s benefits package, according to a survey of HR professionals.
Childcare vouchers were also regarded as a big bonus, attracting and retaining key staff.
The first Snapshot survey from the Personnel Today HR Opinion Panel of over 3,000 HR professionals finds that over 50% thought a contributory pension, paid maternity and paid paternity leave were the most important aspects of their organisation’s benefits package.
Around three quarters of the sample (74%) said childcare vouchers were important (31% very important) which was a similar rating to car allowances and non-contributory pensions. Around two-thrids offer childcare vouchers vouchers to employees as it is believed they help to improve an organisation’s reputation, retain existing staff & attract new employees. HR professionals do not favour the government’s intention to scrap tax and national insurance contribution exemptions for childcare vouchers. Many believe that it will make the cost of childcare too expensive and that employees will decide that it’s not cost effective to work.
Only a small number of panellists (5%) stated that eldercare vouchers were very important to their organisation’s overall benefits package.
Childcare vouchers were much more likely to be offered to employees compared to eldercare vouchers, with around 12% of eligible employees having signed up. Almost a third of panellists (29%) stated that neither childcare nor eldercare schemes were offered as part of their company’s overall benefits package. There was a strong belief that childcare vouchers improve an organisation’s reputation whilst helping to retain existing staff and attract new employees.
Of those panellists who work for organisations that do not currently offer childcare vouchers as part of their overall benefits package, the main reasons appear to be scepticism and a lack of resource to implement. The vast majority (74%) of this group have no plans to implement childcare vouchers in the future, less than one in ten (8%) expected to in the last 12 months.
On balance, childcare voucher schemes appear to be well communicated within organisations with the vast majority (86%) saying it was handled very or somewhat effectively.